Subscription Credit Facility

Revolving credit facility secured by a fund's rights to call uncalled LP capital commitments. Also called 'capital call line' or 'sub line'; collateral is LP promises to pay, not assets.

Hybrid Facility

Fund finance structure combining subscription (uncalled commitments) and NAV (portfolio value) collateral. Flips over the fund lifecycle from sub-line dominant to NAV dominant as capital is deployed.

Continuation Fund

A GP-led secondary vehicle where selected assets from an existing fund are transferred into a new SPV, with LPs offered liquidity (sell) or rollover (invest in new vehicle). Requires independent fairness opinion (ILPA July 2024 guidance).